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Dave Lukas, The Misfit Entrepreneur_Breakthrough Entrepreneurship

The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the breakthrough entrepreneurship strategies and actionable advice to accelerate your success! The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncover each guest's key tools, tactics, and tricks that listeners can start using in their lives right now. Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!
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The weekly podcast with serial entrepreneur, Dave M. Lukas, devoted to giving you incredibly useful and unique insight from the world's top entrepreneurs with a focus on their non-traditional methods for achieving success, their Misfit side. Misfit was created to give YOU the best, actionable advice to accelerate your success!

The show's open format and Misfit 3 concept, combined with Dave's intuitive and engaging interview style quickly uncovers each guest's key tools, tactics, and tricks that listeners can start using in their lives right now.

Learn more about the show at www.misfitentrepreneur.com and become a member of Misfit Nation by signing up for the Misfit Minute, the FREE weekly email with specific resources from the week's "Misfit 3," and actionable tips and items from the world of Misfit Entrepreneurs. It is delivered every Friday to your inbox!

May 17, 2017

Hello Misfit Nation! Welcome to another edition of Lessons for Hannah! In November of 2016, we introduced a new format that we are putting alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven’t listened to the first episode of Lessons for Hannah, I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives. Lessons for Hannah are short, very useful, and sometimes comical lessons, that I have learned which I want to share with you and give to Hannah to help in your lives.

Because I want Hannah to have these for her life, I’m going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don’t hesitate to send it over to us at support@misfitentrepreneur.com. We’d love to share it.

Ok, so here goes…this week’s Lesson for Hannah.

Hannah, you are such an amazing young lady and you have such amazing opportunity ahead of you in your life. I was recently asked what I would tell a college graduating class if I were to give a commencement speech. There is so much that I probably would be speaking for hours, but there are a few things that I think are really important and that you need to understand to help you in your life.

First, the world is changing rapidly. More rapidly that most have ever seen. At least it feels that way, but I am sure at the turn of the 1900’s when the industrial revolution was starting to take off and people were moving from horses to the first cars and seeing man in flight for the first time, they probably felt this same way. Things are relative. The difference I see at this time is that the change we are experiencing is coming from technology and not just technology, but technology that is becoming as smart as or smarter than we are. This is different than what we have seen throughout history. In most major revolutions of growth and innovation, tools have been created to help aid us in creating a better life. For example, assembly lines made it easier to build a car and make them less expensive. But, in our current situation, what we are creating leaves a window for the creation, the technology itself, to not only aid us, but possibly become part of us, and because of its level if intelligence and capability, it has a chance to turn against us.

Now, I don’t want to get all Skynet here (We’ll watch the movie when you are a little older). But, what I do want you to understand is that the world you know now, will be drastically different by the time you will go out on your own. Consider this. As I tell you this, you are 5 years old and you are used to getting in the car and driving with mommy and daddy, but by the time you are old enough to drive, 16 years old, you may never need to have a driver’s license because the car will self-drive and take care of you. Just hop in and tell it where you want to go. You may never have to learn to drive, but I’ll teach you anyway.

Then, about 6-8 years after that, you’ll be graduating what is college today. But honestly, I don’t know if you will ever need to go to college by that time. The choice will be up to you. What I mean is that the skill sets in this new world will be different. Getting a business degree may not do much for you in a world where much is automated or artificial intelligence runs things and is smarter than most humans. You would need to go to school to learn to be a doctor or something like that…but even then, think about what technology will be able to do with medicine in 20 years. We already have robots performing surgery and their capabilities grow every day.

From what I see though, there are some skills, both hard and soft that you and all of the kids your age will need.

First, the soft skills. There are certain things that AI and machines cannot replace. The first is emotional intelligence and critical thinking. Learning to control your mind, your thoughts, and harness the power of your subconscious to help you succeed and be resourceful will always be needed. Second, you will have to know how to sell. Whether it is selling your business, yourself, or an idea, you will have to understand how people buy and how they make decisions. You will need the experience of reading people, understanding body language, voice inflection, tone, and what it means…and then how to recognize this and use it create the best outcomes. Some of this is empathy, but it is also a quick wit. Another soft skill is resourcefulness. You mother and I will teach you to never be helpless, to find a way or figure it out. To ask “How can it be done,” instead of just saying it can’t. We will challenge you to find new ways of doing things. Lastly, Jim Rohn once said that formal education will make you a living, and self-education will make you a fortune. I believe that statement will be more important than it ever has been for your generation. No matter what in the future, everyone will be an entrepreneur in some way shape of form, even if it is just managing your personal and digital brand. Taking the time to self-educate, learn, and grow yourself will be a massive separator in success.

Now, the hard skills. You will need to understand computers, programming, and how different technologies fit together to create ecosystems. You will need to be well versed in math, science, and economics. You will have to gain a good understanding of the how the world is connected in business, from banking to technology, and finance. You will need to understand how to build systems and lead people. The last point will be very important. I have feeling in a world of convenience where it things are readily available with just a thought, people will seek out leaders and people they can trust more than they do today. Learning how to build teams, create consensus, and give people direction will be highly valued.

Lastly, in a world where technology and things like virtual reality will be able to give people the ability to experience things that they probably never would…albeit, in a virtual way...I believe people will give a lot of value to those that have gone and done true experience and been there and done that in real life. I think this will happen because once someone gets a taste of something, even on a virtual headset, they hunger for the reality of it and will seek those that have actually had the experience to learn from them. Focus on gaining the real experiences of life. Travel, take calculated risks, and let failure come, but learn from it. As I have said to you since you were little, what do we do when we fall? We get back up. And keep getting back up, pushing through. That maybe the most important skill of all. I love you, Daddy.

Misfit 3

  1. The world and its future is changing faster than it has at other times in history. Technology is finally at a point where it will be smarter than most humans and this will change things.
  2. Understand that certain skills such as emotional intelligence, control over your thoughts, knowing how to sell, understanding computers/programming and the world of commerce, economics, and banking as well as how to lead people will be essential to success.
  3. Above all, the perseverance to keep going and breakthrough, harnessing your inner will, will always propel people to new levels and success no matter what is changing around them.
May 10, 2017

In this episode, Dave is excited to welcome Mike Goncalves. Mike is the founder of The Wellness Bucket, a business dedicated to helping entrepreneurs to be physically, mentally, and spiritually fit. The Wellness Bucket system leverages exercise to help entrepreneurs push past their limiting beliefs, fears, and self-doubt in order to achieve and succeed in both health and entrepreneurship.

Through the Wellness Bucket, Mike has created a global community of entrepreneurs committed to help each other with their health and businesses. And Mike embodies everything he teaches. He has a Masters degree in sports medicine. He is a marathoner and ultra marathoner He speaks at numerous events throughout the year teaching people how exercise has a direct impact on their success.

Exercise and good health is such an important part of success as an entrepreneur and after meeting Mike and seeing his passion for bringing exercise and entrepreneurship together, Dave knew he had to have him on the show.

www.TheWellnessBucket.com

Make sure to get Mike's free gift to you, Misfit Nation, a 15 minute entrepreneur workout you can do anywhere!

www.The WellnessBucket.com/Misfit

Mike always gravitated toward exercise and fitness. It is his passion. He has owned brick and mortar businesses helping people reach their fitness goals, but it was after having to move from San Diego to Boston and leave his main business in San Diego that he came up with the idea for the Wellness Bucket. His goal was to be able to help people from wherever he was in the world achieve their fitness goals and create a better life.

Now, Mike has both a traditional fitness training business and the Wellness Bucket and it helping more people than ever.

At the 5:50 mark, Mike talks about the blind faith, curiosity, and fear that he went through in creating his first business and how that led to the creation of what he does now. He talks about how curiosity helps lead to taking action.

At the 8:30 mark, Mike talks about the correlation between fitness and entrepreneurship and how your health directly impacts your career.

How does an entrepreneur find the balance between work commitments and prioritizing their health?

Over 17 years, Mike has seen patterns that lead to good consistent fitness routines, and he breaks it down into 4 specific things:

  1. Your state and mindset – For example, if you know it is your “leg day” and your thoughts and mind are dreading it, your chances of going and doing it, decrease. But, if you realize that and also know how to trigger a positive state around working out like listening to a song that pumps you up or watching a motivational video, you can break through the barrier and get to the right state to move forward. Mike calls this “Creating a Champion’s Mindset”
  2. Knowing exactly what you want from your fitness routine – This does not mean saying “I want to lose weight” or “Get in better shape.” It is being specific. “I want to lose 18 pounds so I can fit in a bikini” or “I want to be able to run 5 miles without issue.” Being specific with your goals and not generalizing is the key.
  3. Creating a strategy that works for you – This means putting some time and thought into a strategy that actually works for your life schedule. Whether that is 15-20 mins a day or one hour 3 times/week, the point is to set things up that you can actually do and will do. Make it yours.
  4. Have a routine to stay motivated – This is important in that you do need to keep yourself motivated, especially in the beginning of a fitness routine. It is easier to stay motivated once you begin to see results, but in the beginning they aren’t there yet. It takes time and you must realize that, so looking for little things is important. For example, sticking to a routine for an entire week and then the next, etc. is motivation. Giving yourself little rewards at milestones, etc.

In the end it comes down to choice and the choices you make determine your life.

At the 20 min mark, Mike gives an example of how working with someone to implement a fitness program centered on them and helping them perform at a higher level in their business paid off.

“How and what we think will dictate what we do and what we do will dictate our results.”

What have you learned about entrepreneurs and success in working with so many over the years?

The 40% rule. Keep your cup 40% full and keep the other 60% for yourself – family, fitness, personal growth, life aspirations.

The top entrepreneurs make themselves and their relationships a priority They fall off track like anyone, but they are good at recognizing and getting back on track as fast as possible.

Why should we embrace competing against ourselves?

The person we should be competing against is ourselves. This how you find mastery by striving to be better than yourself yesterday. Can you give a little bit more? When you compete against yourself daily, you feel better. You are more inspired to do better and grow.

What did you learn from your biggest setback to date as an entrepreneur?

Fear has held him back and he has fallen into the trap of chasing the money and fame and not making a difference. He failed hard. If you want to be truly successful all around, shoot to make a difference first, make a dollar second. When it comes to fear, realize that it is temporary. He let a failure and the fear from it sideline him for 2 years and lost 2 years’ worth of opportunity that he did not have to.

What advice do you have for an entrepreneur starting out online today?

  1. Consistency – Be consistent with what you are doing and playing the long game. Consistency builds credulity
  2. Patience – Success doesn’t happen overnight. We want it to, but it doesn’t happen that way. Be patient and savor the process. You learn more and grow each day. Enjoy the journey.

 

Best Quote; "We are our greatest asset. If we are not at our best, we cannot expect others around us and that we lead to be at their best.”

 

Mike's Misfit 3:

  1. Exercise regularly, even if it is 5-10 mins a day, get into a routine of fitness for yourself.
  2. Making time for exercise is making time for success. In order for things to get better, we must get better.
  3. We get better through pushing ourselves and doing what we commit to doing long after we said we would do it.
May 3, 2017

In this episode, Dave is excited to welcome Stan Peake. Stan is the founder of InSite Performance Coaching, a leading business and performance coaching organization serving clients throughout the world. InSite Performance Coaching exists to help values-based leaders live their dreams though showing them how to tap into the abundance of opportunity that exists for them as entrepreneurs and business leaders.

Stan is also the co-author of Swim Upstream: Unsubscribing to Conventional Wisdom, and he has started multiple different business that he has exited through acquisition, so he has diverse knowledge of all areas of the business cycle and what it takes to succeed.

But, what I really want to explore with Stan today is how he was able to make a very successful transition from being an employee for 18 years to starting and creating a successful business. There are so many people out there that want to do just that. They are not happy in their job. They are passionate about something, but just don’t know how to make the leap or overcome the fear that is holding them back. Stan has been there and through his story and insight, my goal is help any in the audience going through that same type of struggle, be able to do the same thing…

www.insiteperformancecoaching.com

Stan had a unique journey of having a blended experience of being an employee-entrepreneur and spent 18 years in the fitness business. Stan says that he was lucky that he fell into what he was passionate about right away in life, but as time went on, his business went through merger and things began to get misaligned and by the time he was in his late 30’s he felt like he had no purpose and lost his passion. As he says, things just felt empty.

What should people know about transitioning to be an entrepreneur?

  • There is no ‘sign from god” or if you get one, it is very subtle.
  • If you are miserable, get out.
  • If you do leave your current role, it doesn’t mean happily ever after.
  • You have to give yourself a “violent” shove and rock the boat. Action.
  • You will have to work hard on yourself and look I the mirror to find out who you are, peel back the layers, and find out who is left after going through the experience.
  • This leads to clarity on who you are and gives you the base you need to move on to your next venture.
  • To sum it up, Get crystal clear on your purpose and then make the big leap.

“When your idea and mission is grounded with clear purpose that is how passion becomes an obsession and creates amazing things.”

It is OK to start your business while at a job or another role to get it off the ground, but it will not reach its full potential if you aren’t devoting yourself to it. It was when Stan left his job and focused full time, he was able to create a thriving coaching business in less than a year.

How does someone find their purpose?

Stan uses the “5 Whys” method to help people in finding out what they truly want and their purpose. To do this, articulate what you believe your purpose or mission is and then ask the question “why” in 5 different ways to get to a deep level of commitment and emotional bedrock. As Stan says, “skip past the Miss America answers” to get to your core and the core of who you. The greatest adversity you have had in your life is your greatest gift because it is through this suffering that you learn who you are and how you can truly help people and yourself.

At the 15 min mark, Stan talks about how trying to do too much hurt him and his success and how he used the lessons learned to run a better business and have a better life. He also talks about the relationship of fitness and business.

What is the one area that you see consistently that most people need to work on?

Self-Awareness and listening. No one is ever really wholly aware. The best leaders you meet though are the most humble because they are truly self-aware. Accountability and feedback are critical to creating a successful organization. Being self-aware helps you to care and get better. Surround yourself with people that are more open and at a higher level than you are because it will teach you to accept feedback and then in turn work better with those you lead.

Stan says, “Leaders that don’t listen will eventually be surrounded with people who have nothing to say.”

At the 24 min mark, Stan talks about the 4 distinct stages in a leader’s lifecycle. Each stage requires some re-invention and that is why self-awareness and listening is so important.

  1. Owner/operator
  2. Manager (customers, team, processes, et.c)
  3. Leader (brings on leaders to work with them)
  4. Coach (brings out the best in those around them)

Best advice for an entrepreneur starting out today?

  • Do your homework and find out two things:
    • Who is your target market? What is their psyche?
    • What is the problem that they have?
  • Don’t’ be so concerned with perfection, instead make sure there is a market and you understand it very well. Your product can evolve as needed.

Biggest lesson learned about business and success?

There is not a universal formula. You have to be open and seek learning from your business. You will have to adapt and pivot based on the market, competition, and all other factors that affect it. Otherwise, it will not reach its true potential.

Advice for any entrepreneur? ​

They should know their core contribution to their organization. They should know their biggest strength and use that in all the areas where it helps the business, but not force it in where it doesn’t belong.

 

Best Quote: "The difference between an expert and a beginner is that the expert has failed more times."

 

Stan's Misfit 3: 

  1. Passion isn’t just what you love. Instead, it is what you can’t help but do. An obsession. Once you find your passion, you lose your ability to quit.
  2. Self-awareness is key to becoming a better leader. Be open. Stay open to better yourself.
  3. Every day you have the opportunity to change your life, however you also have the ability to put in the minimum. The choice you make most consistently determines your reality. If you are feeling uncomfortable, you are avoiding putting in the minimum.
Apr 26, 2017

In this episode, Dave is excited to welcome Lolly Daskal. Lolly is the founder and CEO of Lead from Within and is an entrepreneurial and leadership powerhouse. She is one of the most sought-after executive leadership coaches in the world. Her extensive expertise spans 14 countries, six languages and hundreds of companies. She contributes to everything from Harvard Business Review to INC, Fast Company, Business Insider, and a number of other outlets.

She is ranked as:

Top 17 Columnists Worth Reading on Fast Company, Inc., HBR,

Top 50 Leadership and Management Experts @Inc.com

Top 100 Leadership Speakers to Hire @Inc.com

Top 100 Trusted Business Thought Leaders of America

Top 100 Businesses and Leadership

Top 100 Leadership Blogs Top 40 Websites by and for Women in the workplace

Top 100 Must Follow on Twitter Leaders to Watch by the American Management Association

In addition she has amassed over 1 million twitter followers and has tens of thousands of others that follow her throughout other social media channels.

Her latest book is called The Leadership Gap – What Gets Between You and Greatness, in which she explores her observation that it’s not uncommon for a leader who may appear to be successful by every measure, to ultimately be pulled down by the shadow side of the very traits that made him or her successful.

The book offers a breakthrough perspective on leadership

Lolly has been helping leaders for over 3 decades. But, it wasn’t always that way. At one point, she wasn’t sure what she was going to do, but she did know that she wanted to help people. She was always curious and interested in human behavior…why people do what they do. It was a passion that she immersed herself into and began teaching workshops. It was at one of these workshops that one of the attendees came up to her and asked her if she would be interested in coaching them 1 on 1. She had never planned on that. She was doing what she loved and people were gravitating toward her.

Once she helped her first client, they began to refer her and things went from there. As she says, she never has done any marketing or advertising for her business. It has grown because she has stayed true to her passion and helping others and that has spread throughout the world over time.

Lolly’s definition of leadership?

  • Lolly says the foundational answer can be found in philosophy. And that philosophy is that “anything we want to do or become has to come from within.” That is why she named her business Lead from Within. She goes on to explain that before we can lead others, we have to lead ourselves and lead by example. First, work on yourself, then others will follow.

At the 9 min mark, Lolly introduces the idea of the 7 leadership styles and her latest book The Leadership Gap. She discusses how understanding these styles and their shadows can help you, but also limit your greatness, if you are not aware of how the impact you and those around you.

There are 2 polarities to each part of who we are. It’s not good or bad, but we need to leverage both our strengths and weaknesses and the key to this is awareness of self.

Lolly’s model is built on an acronym she calls RETHINK, which describes the different leadership archetypes and both sides of them:

  1. Rebel Archetype: This architype wants to do something new, something that no one else is doing. They have the characteristic of being confident. They believe they are able to do it. But, the gap comes when a rebel has self-doubt and is an imposter. This can hurt their confidence and trust in themselves. They have to stay on the side of confidence and eliminate the self-doubt.
  2. Explorer Archetype: The entrepreneur who wants to do something amazing and go into uncharted territory. To do that they have to let things go and use intuition. The gap comes when an explorer exploits and manipulates.
  3. Truth Teller Archetype: They must speak the truth, even if you don’t want to hear it. Candor. The gap comes when a truth teller withholds a pieces of information and don’t come across as a deceiver and lose trust. Every leader must be mindful about truth telling and speaking with candor and transparency.
  4. Hero Archetype: The person that shows up when they are fearful, that is courageous when they are frightened. The gap comes when a bystander does not act. They should speak up but don’t. They coast by and do nothing. If you a bystander, learn to find the Hero within you that has courage.
  5. Inventor Architype: The inventor has a gift, a craft or an ability that no one else can do. They do it with excellence and integrity...the highest standard. The gap is the destroyer who is corrupt. The person who cuts corners and doesn’t have standards other than making money. Stand in the greatness of the inventor who has integrity.
  6. Navigator Architype: The navigator is really good at steering people through challenges and approaching things in a pragmatic way. The gap is the fixer. The person who tells everyone what to do or does it for them. They have arrogance. They don’t navigate and empower. Being the fixer can cost you in your relationships and your business in large ways.
  7. The Knight Archetype: The person that is loyal, a protector, a person that says “how can I serve you.” The gap comes in the mercenary that makes it about them. “What have you done for me?” You cannot lead if it is all about you.

Are we one archetype or are we multiple?

We are the sum of all our parts. Any entrepreneur that you see out there today has to be one of these archetypes at different times. Lolly uses Elon Musk as a good example of how at different times, he will be all types. It is the same for each one of us as leaders.

How do we use the RETHINK model to help ourselves or people we work with?

  • To be a great coach, you can’t lead with telling people they have a problem or “you are a fixer or manipulator.”
  • You have to help people understand themselves first and learn who they are inside.
  • This is done by asking questions to help people find awareness One they are aware, you can help them as they make the choice of where they want to go.

At the 28 min mark, Lolly walks through an entire archetype and how we can look at ourselves and coach ourselves through it, leveraging our gaps.

Capabilities + Competence = Confidence

Are leaders born or created? And where should they start to grow themselves as a leader?

It’s a combination of both. Some have natural qualities, others want to create greatness in the world and need to be groomed. Both have to get into their heart and ask themselves what they want to accomplish and are they willing to make it about others and not themselves? We have a ton of books that tell us the how, so the place to start is “who are you?” What drives you? Become clear on yourself and who you truly are and want to be. Only then can you really make huge strides in the “how.”

What is one characteristic or trait that all leaders should strive to possess?

Heart! Anything that comes from the heart has good intentions. Leaders need to get out of their heads and into their hearts. How do you do it all?

How do you setup your life for success?

  • Live a very disciplined life to have freedom
  • Create systems that are organized and provide leverage
  • Every morning share gratitude
  • Ask what you can do today that you can do better tomorrow
  • Whatever you are doing, be fully present and give the best of what you have to offer.
  • FOCUS ​

Advice to help grow your audience?

  • You have to ask yourself if you are bringing value to others and your actions need to reflect it. S
  • hare true value with others
  • Give, give, give, and you can grow exponentially

 

Best Quote:  Greatness is not a destiny that is only available to  few.  It is a choice that is available to everyone.

 

Lolly's Misfit 3:

  1. Embrace who you are and stop comparing yourself to others.
  2. Acknowledge your gifts and your strengths for what they are.
  3. We have a choice in every given moment to decide who we are going to be.  Choose to be great!
Apr 19, 2017

In this episode, Dave is excited to welcome welcome 4 time best-selling author, internationally recognized speaker and adviser…and former Marine Core fighter pilot, Ed Rush. Ed has an incredible story and background. He flew over 50 missions in combat and was the #1 instructor in the Marine Core for 1 against 1 dog-fighting. He was also instrumental in training development for the new F-35 Lightning 2 strike fighter.

After leaving the marines, he has become one of the most sought after speakers and business advisers on the scene today. He has been featured on CBS, FOX, ABC, NBC, and tons of other outlets.

Ed has taken the principles learned in the cockpit and turned them into solid, time -tested business strategies and systems that get results.

www.EdRush.com

www.EdRush.com/NoPartyRevolution

Ed was a former F-18 fighter pilot and top instructor in the marines for 11 years, but as he says, he was the guy who failed kindergarten. Ed talks about how he learned to get ahead and overcome his shortcomings. He talks about how he figured out that when everyone was out partying or taking time off on the weekends, he had the most access to flight simulators, so he could get more time in and more practice than the other guys who went during normal hours. He would practice hand movement to give him just a slight edge or a millisecond or two. And a millisecond can make a huge difference in a dogfight. He also memorized to the exact number, every metric that the airplane had, so he did not have to think at all and just react.

From this he realized: The key to success is not about being the best or most gifted or even having the best tools or systems, what matters are the small, incremental adjustments that you do over time that create a wave of disciplined success.

He took that philosophy and started building and growing businesses.

At the 10 min mark, Ed talks about what is needed to build successful business systems.

Most importantly he gives the following and goes into detail on it: TLCFL - Traffic, leads, customers, and then Customers for life.

Business comes down to simple systems working in tandem to get a result

"It is anywhere between 20 to 100 times more lucrative to market to your current customers…"

At the 14:30 mark: Ed gives examples for each of the areas: Traffic, Leads, Customers, and Customers for Life. He also talks about his strategy for Facebook ads and promotions.

You are always testing the forest, then the leaves, then the branches, and then the trees…When testing your ads, start with the big stuff (price, colors, etc.), then go down to the little stuff from there.

Where is the best place to start working on as a business owner and why? M

  • Market, Message, Media
  • Start with the market
    • Who are they?
    • Where are they?
    • What do they want?
  • What do they want leads to message
  • Then from there, you can figure out the places you need to be (media) to deliver your message to your market

What are 2 things that you would consider critical for success in today’s world?

  • Speed: Markets move very fast. Things are becoming obsolete quickly and you have to move fast in the market to keep up. You can also make adjustments, so don’t wait.
  • Adjusting: you have to move quick, but realize, most of the time, things won’t work the way you want. You need to be ready to make adjustments to things and test.

Secrets of Building a Great Funnel:

  • You have to start with a great offer. You have to give something that they really want with great value. Books work well.
  • The old days of warming people up to an offer are over. People want to get things now, so once they opt in and you give them something they really want, then get them to an offer as quickly as possible.

How do you create and leverage content?

  • Ed uses WebinarJam and EverWebinar to manage webinars and automate them
  • Create the “self-licking ice cream cone.”Leverage what you have done to keep working for you, but realize it still takes work to test, adjust, etc., but you can use the content and work you have done multiple ways.

At the 39 min mark, Ed talks about the most important thing in maximizing his impact and value.

Hallmarks of a great leader?

  1. Leaders need to move fast, cast a vision, and back it up
  2. Congruence and consistency in who they are in their ethics
  3. They know what they want and are crystal clear in communication

The most important duties of a business: 

  • Create a return on investment for the shareholders
  • Create incredible product or service in the marketplace that changes people’s lives and helps them. ​

At the 43 min mark, Ed gives some thought on who he would go back in time and visit with as well as other thought leaders that he follows and looks to for insight. Specifically, John Eldridge – Wild at Heart book is a must read.

What’s next for you? Listen at the 46 min mark to find out where Ed is going next…

 

Best Quote: "The key to success is not about being the best or most gifted or even having the best tools or systems, what matters are the small, incremental adjustments that you do over time that create a wave of disciplined success.”

 

Ed's Misfit 3

  1. Ready, Fire, Aim – Fast action, speed to market and adjust from there.
  2. Get help – Seek out the advice and help you need
  3. There is no such thing as enough. You are always growing, learning, and experiencing new things. Never stop 
Apr 12, 2017

In November of 2016, we introduced a new format that we are putting alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven’t listened to the first episode of Lessons for Hannah, I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives.

Lessons for Hannah are short, very useful, and sometimes comical lessons, that I have learned which I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I’m going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don’t hesitate to send it over to us at support@misfitentrepreneur.com. We’d love to share it.

This Week's Lesson for Hannah

Hannah, sweetie. I want to speak to you about the power of your mind and most importantly, the power you have to create the thoughts and habits that you want to have in life. A lot of people go through life with the attitude that “life happens to me.” They think they just need to deal with things because they don’t have control over them. While, it is true that there are things you cannot control – one thing you can control is the way you think and act.

Here’s the big secret that many never realize. We are taught and conditioned to be who we are in life. This comes from a variety of sources – parents, friends, family, media, culture, religion, and a host of other things. Yes, you mother and I are teaching and by default conditioning you to learn certain thought patterns, habits, etc. We do this because we love you and want to pass on everything good we have learned in our lives – and from our conditioning.

But, here’s the thing. Your mother and I are not perfect…none of the sources of your conditioning are perfect and thus you will learn things that become part of your everyday habits and traits, that as you get older you will find, may not align with who you truly want to be or truly believe.

I know because I became aware to it at a young age and set out to recondition my mind for the ways I wanted to think and for what I wanted to believe and have. You can do the same. Here’s how…

First, you need to realize that you have two minds – your conscious and your subconscious. The conscious mind is that part of you that you think with. When you take a test or read a book or go search the web for something, you are thinking, you are deciding. That is your conscious. The subconscious is different. It is the part of your brain that runs you without you even knowing it. Think about it. How much do you think to throw a ball or brush your teeth or many times what you say? You don’t because it is automatic. It is a reaction that your subconscious does based on your conditioning.

This is why many people go through life thinking life happens to them, because they are a product of their subconscious just reacting from their conditioning all the time and thus they don’t truly consciously control their lives. And that is why they end up having the feeling that they are lost or helpless.

But, for all the credit we give the subconscious, it is actually pretty dumb. It is the animal part of our brain. So, it can be reconditioned. A great example of how easily it can be conditioned is when you decide you want something in your conscious mind and then all of a sudden you start to see it everywhere. Maybe it is a certain type and color of car or a hairstyle. Whatever, it is, because you decided you want it, your subconscious files that away and starts looking for it and pointing it out to you. Knowing this, you can retrain your subconscious to go after what you want. Once you are aware, you can analyze your automatic reactions to things and follow this simple formula, - Stop, Ask, Choose.

Stop yourself when you think you are saying or doing something you don’t believe is you. Ask yourself if you truly want to respond or act in that way. Then choose if you want to continue and keep that conditioning or change it to what you want and move forward. Put that way, it sounds easy…and it is when you actually catch yourself and do it, but it is a lifelong process that you will need to always be aware of and do. Once you begin to do this, you will be amazed at how you can retrain your mind and the power you will have to create the thoughts and habits that you want.

I’ll leave you with this anecdote – Your beliefs lead to your thoughts, your thoughts lead to the way you act or react, and your actions and reactions determine the results you get in life. If you take out everything in the middle, you get “Your beliefs lead to your results.”

Understanding this can give you the ultimate in personal power and control over your life and help you to be the best that you can be. I hope you find as many ways to use it as you can and live from your true beliefs… I love you, Daddy.

 

Best Quote:  "Your beliefs lead to your results"

 

Misfit 3:

  1. You have control over the way you think and act and thus the results you have in life. Make it your mission to live out of true choice and not conditioning that you do not want or will not accept.
  2. Understanding this concept will help you in your work with others. It is extremely powerful to understand what drive the behavior of other people. But be careful to use it for good and not take advantage.
  3. Remember, much of your conditioning is good and you should make it a point to embrace it and maximize its true potential within yourself.
Apr 5, 2017

In this episode, Dave is excited to welcome Klyn Elsbury. Klyn is an amazing individual with an equally amazing story. I won’t spoil it for you as it can only be told in the way she tells it, but Klyn, according to doctors, should not be alive today.

Instead, Klyn is thriving. She is an entrepreneur and owner of Landmark Makers, a unique firm focused on helping high growth companies find and coach the best talent for their needs. She is author of the international best-seller I AM_: The untold story of Success, which when released in late 2016, knocked Tim Ferris’s Tools for titans out of the top spot on Amazon.

She has appeared throughout media including NBC, NPR, and a host of others. She is asked to speak regularly throughout the nation and has even had special recognition from people like Lance Armstrong, Jack Daly, and Aron Ralston.

In this episode Dave and Klyn talk about a lot of things, but most of all you are going to learn what it is like to live each day like it is your last.

Klyn was born with cystic fibrosis, a genetic killer. Cystic fibrosis attacks the lungs and eventually prevents a person from being able to breathe. Many people that have the condition do not survive past their mid-twenties. With Klyn’s mutation of the condition, doctor’s only gave her about 15 years to live from birth. As Klyn says, she grew up with a very supported family who never let her call what she had a disease and fostered a mindset that she did not have any limitations and could live like anyone else does.

As she got older, due to the disease she spent more and more time in hospitals and it became just another part of her life. Because she was basically terminal from birth, Klyn developed a sense of approaching the world with the view to “live every day like her life depended on it.”

Miraculously, Klyn survived past the dates doctors gave her life and created a great career as a high end recruiter. She still had to deal with the day to day needs of CF, but she was alive.

In 2014, things took a turn for the worse. She has to give up her passion for recruiting as she was down to only 40% lung capacity and given 6 weeks to live. She was in a wheel chair, and had become infected with multiple strains of infections that were threatening her lungs further.

So, she did what any normal person would do, she started to exercise! Even if it was for a few minutes at a time, she would go to and participate as best she could in Zumba classes because, well, it made her happy. At this point, Klyn was preparing for the end and went on a 6 week roadtrip across the country to essentially say her goodbyes to loved ones.

During this time, she discovered there was more to her spirit and what it means to persevere. At the same time, a new drug that cost almost $300,000 came out. It was made to fight the ravages of her specific mutation of CF. Only problem was…Klyn wasn’t eligible because of the way her insurance was setup and the rules around things. So, she took to getting her feelings out on a blog…she poured entire being in it. The blog went viral and she was then interviewed by multiple news outlets, including NBC nightly news with Lestor Holt. Through that interview, Klyn was able to get the drug approved and had the drug 2 days later – at a severely discounted price not just for her, but he all the patients in California with the same CF mutation Klyn had!

It was this journey and experience that led Klyn to believe there was even more to our lives and finding out our “why,” and what makes us want to live. That led her to her book “I AM.” Which is a collection stories from some of the most successful people in the world of overcoming and breaking through the darkest times in their lives.

Today, Klyn has 70% of her lung capacity and is in the hospital about 6 months out of the year – but she should not be alive. She talks about how fitness continues to make a huge difference in her health and how entrepreneurs need to look at their fitness holistically – not just physical, but mental, spiritual, etc.

At the 11 min mark, Klyn tells the story of how she became a Zumba instructor and literally having IV drips in-between training sessions. From an entrepreneurial standpoint, we all have things we have to push through and this tory crystalizes what this means.

“Get your body fit and in shape and you’ll be amazed at how the mind follows”

At the 13 min mark, Klyn talks about the true power of belief. Klyn says that clarity of what you want in all areas of your life down to each details is the first step. Then you ask, who do you need to be to be able to achieve these things?

Klyn talks about developing habits of how to succeed in life and holding herself accountable to them.

You see life through the eyes of someone who could leave this earth tomorrow, what matters and what doesn’t?

  • What matters is how we interpret any event that comes out way
  • What doesn’t matter is the actions of other people that lead us toward that interpretation

Klyn tells a great story that really brings the above into focus. Listen closely.

What eye-opening things did you learn in interviewing all of the successful people for “I AM?”

  • Boomer Esiason taught her the power of going all in. If you can’t show up every day and go “all in” giving everything your all, you will not be successful because you aren’t truly dedicated to what you want in life.
  • The power of forgetting your excuses. Our thoughts can be disabilities to what we want and our success. Remove disabling thoughts from your life. Remove disabling actions.

What secrets and tricks have you learned to find leverage and do more with less (especially from a hospital bed half the year)?

  • Klyn identifies and attracts the top talent from throughout the nation to join her team and together they have created systems for making sure the business runs at optimal levels.
  • She has created almost 400 pages of content that allows other employers to do exactly what they’ve done and now sell the system and train companies how to scale.
  • She has made sure to put the things in place so that the company can thrive without her.
  • Essentially, if you approach your company with the fact that you could be gone any day and it needs to be able to continue on without you, as yourself, what would you need to have in place for it to survive?

Advice for finding A-player, Rockstar talent?

  • You can’t just tell a candidate about a job
  • You need to sell them. You need to sell your company. You leadership team. The career. And do it in way that is so convincing they would not want to be anywhere else. Then you evaluate the candidate.
  • In today’s world where information is readily available, you need to do this to stand out from the crowd.
  • Make sure to have clarity on what you want from a candidate (search parameters) 
  • You’ll never get a candidate that is 100% of what you are looking for, but if you can someone with 80%, you’ll be happy
    • Think about what problems this candidate needs to help or fix in your business – this will help you get clarity
  • You probably have a business plan. But, do you have a plan for your human capital in your business?
  • Make sure you do reference checks. o Question to ask “The [Candidate ] told us they struggled with “x,” can you tell me more about that?”

Best advice for building a following on LinkedIn?

  • Connect, but be smart and intentional with who you connect with. Put thought into it.
  • Then engage. Send them a note. Tell them why you connected. Ask to meet further and discuss potential synergies.

Best advice for entrepreneurs?

  • Everything is 10x more effort than you ever expected
  • Be prepared to put in 10x more effort, give 10x more time and energy than you expect, but be prepared to enjoy the success 10x more than you thought

 

Best Quote:  "Believing alone is not enough for you.  It has to be the day to day actions that you put together towards your beliefs that will create resulting changes in your life."

 

Klyn's Misfit 3

  1. Lead with your heart.  If you can't go all in and give it your heart, you're wasting your life.
  2. Clarity, clarity, clarity.  Be clear about what you want out of your company.  Be clear about what you want out of your relationships.  Be clear about the types of people you want to attract into your circle both personally and professionally.
  3. Live as if your life depended on it.  How would you live you life different if you knew that any day could be your last?
Mar 29, 2017

In this episode, Dave is excited to welcome Zeona McIntire. Zeona is the poster child for the new economy, the shared and gig economy. She was an earlier adopter of AirBNB and owns a number of properties that she rents through the site. She also created a niche for managing property for AirBNB owners and manages dozens of properties throughout the world for owners. She teaches others how to invest in properties with AirBNB in mind and create automated businesses. She spends half the year in Denver, Colorado and the other half traveling the world as an international pet and house sitter.

Zeona may be part nomad, but make no mistake, she knows her business. Dave’s asked her to hold nothing back and give you every secret she has for succeeding in the new economy in this interview. Zeona started working with AirBNB 6 years ago when a friend of hers introduced her to it. At the time, she was in school, so she didn’t act on moving forward. That was until she found out her friend made $50k off their condo. She then dove in and started with her first property and went from there. She now have 5 properties of her own and manages dozens worldwide.

What should people know about AirBNB?

  • Don’t think of it as “just a rental”
  • With AirBNB it is more like hospitality and like having your own hotel
  • And there can be a lot more profit. Instead of making a few hundred bucks, you can make a few thousand, so you have to run things at a higher level and look at it that way
  • Her strategy is her passion, which is creating a great experience for people…a great stay.
  • The money is good, but if that is all you are focused on, you won’t be as successful
  • It’s not just collecting a check, but you can earn more than a job in working just a few hours a day

What should people do to get started? How do you get first property and set up your business?

  • First, look at what you have available. You can start with a spare bedroom
  • Next, if you don’t have your own bedroom or place, you can work with a friend or family if they do. Maybe somebody you know travels a few months out of the year. You could rent their place and run it for them and split profits.
  • When it comes to finding a property, you do have to understand that each market may have laws or rules that you need to follow
    • Cities that have a big draw are always good o Zeona focuses on the Midwest and buys her places near colleges. She looks for high profit margins by purchasing lower priced properties in lower priced markets.
    • She also invests in quaint –single family homes as they give her the most control and freedom

Biggest Challenges?

  • Zeona says she hasn’t had many, but a few times there have been some damages, but as she says AirBnB has a really good “host guarantee” program that insures up to a million dollars, so all things have been fixed easily.
  • She says it is common sense, but if you are renting a place you live in, make sure to put away or store personal things you don’t want people to access or see.

Tips to Make an Experience with Your Rental?

  • There is so much you can do here
  • Make sure to under promise and over deliver – for example, leave them a bottle of wine and ideas for their stay
  • The little things matter and the attention to detail – for example, coffee and tea out for them, lotion along with soap, a hand written note welcoming them, back up supplies like toothpaste, etc.
  • Realize that the more memorable their stay, the more likely they are to tell others and come back again

How much does location matter?

  • It is very important, but there are places that surprise
  • Before you buy a place, you need to know “why” people may come there
    • For example, Zeona likes college areas, but they must have more than 14,000 students she has found to make sure traffic is good.
  • Uniqueness around the location is also important
    • Is the property near a walking street or where annual festivals are held?
  • Hospital areas are very good as well because of traveling nurses and the traffic coming in and out to them. They are a good niche.

What should people know about management?

  • You can do it yourself, but there are services that can help do it for you and manage everything
  • What is important if you are going to manage it yourself is having the right team. You need a good dependable staff
  • The two biggest areas of management are:
    • Cleaning – this is biggest area for work and for making an impression. People do not like a place that is not clean
    • Maintenance – make sure that things are in working order and keep them up to date. Do not let them sit.
  • AirBnB’s cut is only 3%, most others take 10% or more, so it is the most reasonable.

Other opportunities exist around AirBnB. Companies do everything from AirBnB signage to pricing consulting and everything in between.

Tips for Staging a Property?

  • Be unique – make sure your furnishings have a theme, but are fun and colorful
  • Photos are also important – get good photography done. This can really sell a place o Put as many pictures that make the place look good on the site – don’t do the minimum
  • You can even have a house theme that you can tout online

Things that you do to be successful?

  • Zeona loves to build networks and connect with people
  • She constantly asked herself, “How can I help?”
  • She is always looking for ways to bring people together and help them succeed

How do you stay organized while spending half the year abroad?

  • Zeona has taken the time to build a team that she can rely for each of the needs she has
  • Zeona has built systems from cleaning to guest communication
    • She recommends www.properly.com as a service to manage cleaning, etc.
  • She used assistance for guest communication needs
  • She also has a manager on the ground in each of the areas she has property
  • She has set it up to manage everything virtually and with GoogleFI
  • She has strived to make herself obsolete

 

Best Quote: "You can design your life anyway that you want. You don’t have to subscribe to the way that “everyone is supposed to follow.” You can do it differently."

 

Zeona's Misfit 3

  1. Make your bed in the morning. There is an energy about having a clear space and it gives a clear mind. Making your bed is like a gift to your future self. It’s something you get to unwrap at the end of the day.
  2. Make better friends. Seek out people that make you better, inspire you, and challenge you. Don’t settle.
  3. Find you why. Create your own mission and vision statement for your life so that you can refer back to it and make sure what you are doing is staying true to the mission and vision.
Mar 22, 2017

In this episode, Dave is excited to welcome David Barnett. Dave is the author of 3 Amazon best-sellers – Invest Local, Franchise Warnings, and How to Sell My Own Business. He is the owner of a very unique business, Advantage Liquidity Partners. ALP works closely with small and mid-sized business owners throughout the world to help them through the process of selling their business for the best valuation.

Dave has become so sought after that he has helped a business sell in every month for 35 months straight!

Valuing and selling a business is one of the toughest and most understood areas of entrepreneurship, so I want Dave to give what you really need to know if you ever are in a position to sell, as well as, provide some of the business wisdom and lessons he has learned from working throughout the world for so many years.

David has always been entrepreneurial. After University, he went into a corporate job, but quickly found it wasn’t for him, so he started a business in the junk removal industry. Within a few months, he made it a success. Not long after, he sold the business and as he says “I did it naively.” He learned a lot and then started a business doing finance brokerage for small-mid-sized businesses.

This did very well until 2008-2009 when financing started to grow up. He then started to get asked about helping buy and sell businesses. Naturally, David started a business for it and was very successful. One issue with the business model of brokerage is cash flow as it is up and down because of lump sum payments. At one point, this problem exacerbated itself where David had multiple deal fall through all at once and he decided to move on.

He had to make ends meet, so he reluctantly took a job and about 4 months into it, he got a call from a person selling a business asking for help. He said no. A week later, he got another call from someone trying to buy a business asking for help to analyze the deal. He found a niche in consulting with people to buy and sell their own business. And this turned into the business he has today where he helps people buy and sell businesses on their own throughout the world.

#1 thing entrepreneurs should know about valuing and selling a business?

  • A businesses’ price tag has to be supported by the cash flow
  • Most buyers are financial buyers – A financial buyer is looking to replace their income and grow their income. They look at the cash flow as a way to pay for themselves, the bank, and get a return on their investment.

How does an entrepreneur do the right things now to be prepared for an exit?

  • Your business will become more sellable if it is more profitable and easier to run.
  • Run the business in a serious fashion to maximize profits (beware of being in it just for lifestyle)
  • Implement business systems, policies/procedures, SOP’s, etc. that make it easier to run.

Biggest mistakes that entrepreneurs make when they sell the business?

Not properly taking care of working capital (example is having too much inventory)

Payables – a profitable business will accumulate cash over time and businesses will get in a habit of paying bills as they come, as opposed to making sure they are paying when the bills are due. This shows buyers that other people’s capital can finance the growth and operations of the business.

Receivables –one of the best tricks to get paid faster and on time is to put the actual date that is due instead of “net 30 or 45.” Customers will pay you sooner.

At the 21 min mark, Dave gives a great example of how the above can work and make a huge difference in a business.

How does a business owner know when it’s time to sell?

  • As soon as the owner loses interest and/or is tired, bored, or burned out

At the 33 min mark, David gives his cautions on franchises and what you should know about them

Top Lessons learned?

  • Never put your last nickel into a deal
  • Be willing to walk away from a negotiation – always have a BATNA (Best Alternative to a Negotiated Agreement) ​

At the 42 min mark, Dave gives thoughts on if you are buying a business and thoughts from the buyer side.

 

Best Quote: "20-30 years ago, everyone wanted to be a McDonald's franchisee, nowadays everyone wants to be Ray Kroc."

 

David's Misfit 3:

  1. The terms can be important than the price
  2. Look for equity on your income statement in addition to your balance sheet. If you an employee paid on commission is like have a partner with an equity investment in their business – which is equity
  3. Ask, “How can we do it with half the money?”
Mar 15, 2017

Hello Misfit Nation! Welcome to another edition of "Lessons for Hannah!" In November of 2016, we introduced a new format that we are putting alongside our regular episodes called “Lessons for Hannah.” Hannah is my daughter and one of the main inspirations for the Misfit Entrepreneur. I wanted to have a place where she could go and learn from her daddy and his Misfit friends throughout her life….even after I am gone. If you haven’t listened to the first episode of "Lessons for Hannah," I urge you to as it gives some more background and tells the amazing story of how Hannah came to be in our lives.

"Lessons for Hannah" are short, very useful, and sometimes comical lessons, that I have learned which I want to share with you and give to Hannah to help in your lives. Because I want Hannah to have these for her life, I’m going to speak as though I am talking directly to her. These episodes are a lot of fun and if you think there is a lesson that we should include in these episodes, please don’t hesitate to send it over to us at support@misfitentrepreneur.com. We’d love to share it.

This week’s Lesson for Hannah

Hannah, honey. I want to talk to you about a secret of the most successful. As you go through life and meet people that are very successful at what they do and seem to know exactly what they need to do to stay that way and keep reaching higher levels, I want you to ask them about their goals…because I bet, they will have them written down somewhere. There has been so much studied on this topic over the years, but it simply comes down to this – those that write their goals down and make plans to achieve them are much more successful than those that don’t.

One of my favorite quotes, that I hope you will also come to like, is from the famous Greek philosopher, Aristotle, who said “Man is a goal seeking animal…his life only has meaning if he is reaching out and striving for his goals.” Your mother and I are living proof that this is true. Every year, we take time to write down our goals and share them with each other. It is amazing how just doing this exercise can make things so clear and give you direction.

A question you may have is, “That’s great dad, but where do I start? Do you a process for setting goals?” The answer is yes and you will find it in the book I wrote a long time ago, The Ten Year Career. You can also find a video of me discussing it and some materials to help you online at the link in the show notes page of this lesson. But, and this important, I want you to understand, no, I encourage you, to come up with your own process of things. Use my process as a base, but add your own flavor to it…make it your own.

Hannah – setting and writing down my goals has been one of the best habits that I have ever created in my life and I know it will help you on your journey tremendously. So, write your goals down, go after them, and turn your dreams into reality. I can’t wait to watch you do it. I love you, Daddy.

Click Here for a Link to the Goal Setting Resources from the Ten Year Career

 

Best Quote:  "Man is a goal seeking animal...his life only has meaning if he is reaching out and striving for his goals." - Aristotle

 

Misfit 3

  1. One of the biggest secrets of success is to write down your goals and make plans to achieve them.
  2. Goals are like beacons to guide you and your subconscious on your journey to get what you want.
  3. Making plans to achieve your goals helps to break up the steps to get them into smaller chunks.  Think of your plans like mile markers along the highway.  Every one you reach, you are getting closer to your destination.
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